New Delhi, Feb. 5 -- For all the talk about either restraining or rebalancing trade with China, India's dealings with it are rising. In 2025, trade reached a record $155.6 billion, up 12%, according to Chinese ambassador Xu Feihong. Within it, Indian exports rose 9.7%, he added.

While he didn't share details, the value of what we import from China has long dwarfed that of what we export there and this gap shows no sign of reduction. As global trade patterns shift, can we expect a better bilateral balance?

With a lower US tariff than what China faces, as an India-US trade deal promises, we can hope to attract some global value chains in search of diversification. Scope for chains to run from China to the US via India, however, will depen...